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IP Procurement: What does it mean for you?
In the fast-paced world of business and intellectual property (IP), staying on top of trends can be really useful.
This is where intellectual property procurement comes into the picture, and if you have not heard it yet you may here it is soon as it is a concept that’s gaining traction as companies and law firms look for structured ways to handle, leverage and secure IP.
But we are here to explore what it means in practice, and why it is turning to a bit of a buzzword?
What is “Intellectual Property Procurement?”
Intellectual property procurement combines the principles of procurement and procedure with IP.
Procurement refers to a structured approach to acquiring and managing IP) and procedure is about taking action.
So overall, it describes a structured, strategic approach to acquiring, managing, and protecting IP assets to boost business performance. You want to know that your IP is not only legally protected but also optimised for growth and innovation.
Being proactive
For businesses, IP procurement means actively integrating IP considerations into procurement processes, contracts, and overall business planning. If you’re a business owner, chances are you already have some form of IP—be it a logo, a website, proprietary software, copyright works, trade marks, designs or even a unique business method. Adopting an IP procurement approach could elevate how you manage and leverage these assets.
Why is Intellectual Property Procurement is the New Buzzword?
The term “procurement” is making waves. Why? Because instead of treating IP as an afterthought, businesses are now placing it front and centre in procurement and contracting processes. For law firms, the focus on IP procurement signals a shift towards helping clients embed IP strategy into their core operations.
How Does IP Procurement Works work in practice?
Let’s consider this case study.
Imagine a company called “EcoTech Innovations,” which develops eco-friendly technology products.
EcoTech wants to enter a new market with a unique water filtration device that features their own software and hardware designs.
Here’s how an IP procurement approach might apply, bearing in mind that the below is by no means comprehensive:
- Contractual IP Planning. EcoTech first assesses the types of IP involved—such as patents for the filtration system, copyright protection for their special software, and trade marks for their distinctive brands. It then enters procurement agreements ensuring it owns these IP rights or has exclusive licenses where full ownership isn’t feasible.
- Who owns what. EcoTech collaborates with suppliers, engineers, and marketers and needs to secure agreements and IP ownership clauses in each contract.
- Licensing. EcoTech might want to licence its IP to make ti scalable but IP Lawyers will need to check that it is done in such as way so as not to compromise its IP.
By adopting IP procurement, EcoTech avoids common IP pitfalls, like losing control over its IP or infringing someone else’s.
The why… Turning Ideas into Powerhouses
Whatever you call it: Procurement, procedures , strategy or otherwise, protecting and using your intellectual property can give your business a real edge over competitors.
By putting clear IP processes in place, you avoid common disputes and manage your IP and lower legal risks.
At Sharon Givoni Consulting, we are here to help you make the most of your IP.
We work with you to identify and document all your IP assets, from brand names to product designs, so they fully support your business goals. We also review contracts to make sure your IP rights are secure, and we integrate IP management into your business practices to make sure your IP works for you, not against you.
Please note the above article is general in nature and does not constitute legal advice.
Please email us info@iplegal.com.au if you need legal advice about your brand or another legal matter in this area generally.